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DEPOSITS | 6 Months Ended
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Jun. 30, 2020
DEPOSITS |
DEPOSITS | NOTE 6 – DEPOSITS The Company’s deposits are summarized below:
|  | June 30, 2020 |  | December 31, 2019
|  | (dollars in thousands)
Noninterest-bearing deposits |  | $ | 856,030 |  | $ | 689,116
Interest-bearing deposits: |  |  |  |  |  |
Interest-bearing demand |  |  | 880,007 |  |  | 814,639
Money market |  |  | 480,497 |  |  | 477,765
Savings |  |  | 487,761 |  |  | 438,927
Time |  |  | 310,818 |  |  | 356,408
Total interest-bearing deposits |  |  | 2,159,083 |  |  | 2,087,739
Total deposits |  | $ | 3,015,113 |  | $ | 2,776,855
Money market deposits include $7,798,000 and $14,309,000 of reciprocal transaction deposits as of June 30, 2020 and December 31, 2019, respectively. Time deposits include $3,679,000 and $3,538,000 of reciprocal time deposits as of June 30, 2020 and December 31, 2019, respectively. The aggregate amounts of time deposits in denominations of $250,000 or more amounted to $24,602,000 and $44,754,000 as of June 30, 2020 and December 31, 2019, respectively. The aggregate amounts of time deposits in denominations of $100,000 or more amounted to $101,136,000 and $130,293,000 as of June 30, 2020 and December 31, 2019, respectively. The components of interest expense on deposits for the three and six months ended June 30, 2020 and 2019 are as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | (dollars in thousands)
Interest-bearing demand |  | $ | 162 |  | $ | 411 |  | $ | 413 |  | $ | 828
Money market |  |  | 118 |  |  | 489 |  |  | 512 |  |  | 859
Savings |  |  | 50 |  |  | 69 |  |  | 120 |  |  | 137
Time |  |  | 712 |  |  | 1,142 |  |  | 1,592 |  |  | 2,270
Total interest expense on deposits |  | $ | 1,042 |  | $ | 2,111 |  | $ | 2,637 |  | $ | 4,094

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- Definition The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 405 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116652737&loc=d3e64164-112818 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.12) -URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878 + Details
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- References No definition available. + Details
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